FAQ: Mullen Automotive's Landmark Agreement with Volt Mobility in the Middle East

What is the significance of Mullen Automotive’s agreement with Volt Mobility?

The agreement signifies Mullen Automotive’s expansion into the Middle East market, with a $210 million contract to supply 3,000 electric vehicles to Volt Mobility, a leading commercial leasing company in the UAE.

How many vehicles will Mullen Automotive supply to Volt Mobility?

Mullen Automotive will supply 3,000 Class 1 and Class 3 EV cargo vans and trucks to Volt Mobility over a 16-month period.

What is the financial value of the agreement between Mullen Automotive and Volt Mobility?

The contract is worth approximately $210 million, with Mullen receiving an initial $3 million deposit within 60 days and additional payments as the EVs are delivered.

Where will the vehicles supplied by Mullen Automotive be used?

Volt Mobility plans to lease these vehicles to its corporate clients in the Middle East and the Gulf Cooperation Council (GCC) region, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

When will Mullen Automotive begin shipping the vehicles to Volt Mobility?

Mullen will begin shipping the first vehicles immediately, with the agreement spanning a 16-month period.

What are the expected benefits of this agreement for Mullen Automotive?

This agreement provides Mullen with exposure to local global transportation companies and the opportunity for utilizing Mullen EVs across the UAE and other areas of the Middle East, as stated by David Michery, CEO and chairman of Mullen Automotive.

Are Mullen’s commercial vehicles eligible for federal EV tax credits?

Yes, as of September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles, offering eligible customers up to $7,500 per vehicle.

Where can I find more information about Mullen Automotive and this agreement?

For more information about Mullen Automotive, visit www.MullenUSA.com. To view the full press release, visit https://ibn.fm/5glBG.